CICC: Maintains "Outperform" rating on JNBY (03306.HK), target price HK$24.97

Zhitong Finance APP has learned that CICC issued a research report stating that it maintains an "Outperform" rating on JNBY (03306.HK) and a target price of HK$24.97, corresponding to FY27/28 P/E ratios of 10.4/10.3x, implying 14% upside from the current share price. The bank maintains its FY27/28 earnings forecasts unchanged at RMB 1.07/1.13 billion, corresponding to FY27/28 P/E ratios of 9.2/9.1x. On September 23, CICC attended the company's Fall/Winter 2026 new product preview and the fifth anniversary exhibition of "Making the Most of Fabric" and exchanged views with the company to further understand the company's design-driven approach, membership operation capabilities and barriers, as well as its progress in building a second growth curve through a multi-brand matrix.